SEC Proposes ₦30m Registration Fee, ₦2bn Capital Requirement for Crypto Firms
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Nigeria’s Securities and Exchange Commission has proposed a ₦30m registration fee and a minimum capital requirement of up to ₦2bn for digital asset exchanges and custodians under new draft rules.
The Securities and Exchange Commission (SEC) has proposed a ₦30 million registration fee and a minimum capital requirement of up to ₦2 billion for digital asset exchanges and custodians operating in Nigeria, under draft rules on “Digital and Virtual Asset Operations, Custody and Markets” released on August 20, 2026.
Under the framework, digital asset exchanges (DAXs) and digital asset custodians (DACs) would each require ₦2 billion in minimum capital, while digital asset platform operators, offering platforms and real-world asset tokenisation platforms would require ₦500 million each. Virtual asset service providers would need ₦200 million. Beyond the ₦30 million registration fee, applicants would pay a ₦100,000 processing fee and a ₦300,000 application fee, with additional charges for firms entering the SEC’s Accelerated Regulatory Incubation Programme.
The rules also require that regulated entities be incorporated in Nigeria, maintain a registered office in the country, keep their CEO or managing director resident in Nigeria, and hold a fidelity insurance bond covering at least 25 per cent of their minimum paid-up capital. The move builds on the SEC’s January 2026 decision to raise exchange capital requirements and President Tinubu’s Virtual Assets Coordination Executive Order, which created a CBN-led Virtual Asset Council.
